Yamaha Motor Co., Ltd., The Current Fiscal Year Net Income Revised Downward by 9%

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Wed Nov 6, 2024 1:00 pm JST Earnings

7272 Yamaha Motor Co., Ltd. 【J-GAAP】

Earnings Report

Yamaha Motor Co., Ltd. <7272> [TSE-P] announced its financial results (based on IFRS) in the afternoon session on November 6th (13:00). The consolidated net income for the cumulative third quarter of the fiscal year ending December 2024 (January to September) decreased by 4.8% from the same period last year to 136 billion yen.

In addition, the full-year consolidated net income has downwardly by 8.6%, from the previous forecast of 175 billion yen to 160 billion yen.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated net income for the July to December period (second half) has downwardly by 24.2%, from the previous forecast of 61.9 billion yen to 46.9 billion yen.

In the most recent three-month period, from July to September (3Q), the consolidated net income dropped to 22.9 billion yen, a 41.9% decrease compared to the same period last year. The operating profit margin worsened from 9.5% in the same period last year to 7.4%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2022	1,677,127	174,185	189,953	133,073	129.7	79.4	Nov 7, 2022	J-GAAP
Jan - Sep, 2023	1,835,211	199,404	196,245	142,863	148.3	81.1	Nov 7, 2023	IFRS
Jan - Sep, 2024	1,976,868	200,984	194,771	136,063	138.5	ー	Nov 6, 2024	IFRS
YoY	+7.7%	+0.8%	-0.8%	-4.8%	-6.6%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024 Prev	1,251,557	105,644	ー	61,924	63.4	25	Aug 6, 2024	IFRS
Jul - Dec, 2024 New	1,251,557	80,644	ー	46,924	48.0	25	Nov 6, 2024	IFRS
Revision Rate	0.0%	-23.7%	－	-24.2%	-24.2%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	2,600,000	260,000	ー	175,000	179.0	50	Feb 14, 2024	IFRS
Dec, 2024 New	2,600,000	235,000	ー	160,000	163.7	50	Nov 6, 2024	IFRS
Revision Rate	0.0%	-9.6%	－	-8.6%	-8.6%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	1,188,356	102,427	101,265	55,130	56.9	24.16	Feb 14, 2024	J-GAAP
Jul - Dec, 2024 Guidance	1,251,557	80,644	ー	46,924	48.0	25	Nov 6, 2024	IFRS
YoY	－	－	－	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	2,248,456	224,864	239,293	174,439	170.5	41.67	Feb 13, 2023	J-GAAP
Dec, 2023	2,414,759	243,920	241,982	158,421	163.6	48.33	Feb 14, 2024	J-GAAP
Dec, 2024 Guidance	2,600,000	235,000	ー	160,000	163.7	50	Nov 6, 2024	IFRS
YoY	－	－	－	－	－

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	608,808	57,911	55,528	39,572	41.1	9.5	Nov 7, 2023	IFRS
Oct - Dec, 2023	579,548	44,516	45,737	15,558	16.1	7.7	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	642,065	77,966	77,009	55,973	56.6	12.1	May 13, 2024	IFRS
Apr - Jun, 2024	706,378	76,390	77,401	57,103	58.0	10.8	Aug 6, 2024	IFRS
Jul - Sep, 2024	628,425	46,628	40,361	22,987	23.4	7.4	Nov 6, 2024	IFRS
YoY	+3.2%	-19.5%	-27.3%	-41.9%	-43.0%